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WERNER CO. v. DIRECTOR OF TAXATION

No. 63.

350 U.S. 492 (1956)

WERNER MACHINE CO., INC. v. DIRECTOR OF DIVISION OF TAXATION, DEPARTMENT OF THE TREASURY, OF NEW JERSEY.

Supreme Court of United States.

Decided March 26, 1956.

Attorney(s) appearing for the Case

Charles Goodwin, Jr. argued the cause for appellant. With him on the brief were Halsey T. Tichenor, III, and Leopold Frankel.

Harold Kolovsky, Assistant Attorney General of New Jersey, argued the cause for appellee. With him on the brief were Grover C. Richman, Jr., Attorney General, and Lawrence E. Stern and David D. Furman, Deputy Attorneys General. Ned J. Parsekian, Deputy Attorney General, was on a Motion to Dismiss.

PER CURIAM.

The State of New Jersey imposes on each domestic corporation "an annual franchise tax . . . for the privilege of having or exercising its corporate franchise" in the State.1 This tax, as applied to appellant, is measured by the corporation's "net worth," which is defined as the sum of the corporation's issued and outstanding capital stock, paid-in or capital surplus, earned surplus and undivided profits, other surplus accounts...

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